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People’s Choice Credit Union home loans

16 March 2018

Compare People’s Choice Credit Union home loan offers.

People’s Choice Credit Union is a member-owned and operated financial organisation that provides a range of services to its members. These include loans, banking services, credit cards and insurance packages.

Who is People’s Choice Credit Union?

People's Choice Credit Union is one of Australia's largest credit unions, with over 345,000 members across Australia. They were voted 2014 Credit Union of the Year at Roy Morgan's Customer Satisfaction Awards, and they have more than $8 billion of funds under management.

People’s Choice Credit Union provides its members with opportunities to borrow and save money, as well as play a direct role in the running of the credit union. People’s Choice provides a full range of financial services to its registered members. Its home loans include packages for home buyers and investors, home builders and renovators, as well as those looking to refinance an existing mortgage.

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Home loans offered by People’s Choice Credit Union

Fixed home loan

A Fixed home loan allows you to fix their interest rate for a set period to protect you against fluctuating interest rates. This loan lets you choose the repayment period which suits you, and lets you make additional payments up to a set limit each year with no extra fees. This loan also offers you the option to make interest-only repayments.

Variable home loan

Variable home loans generally provide more flexibility than fixed loans. If you want to pay off your home loan sooner, you have the option of making extra repayments without any penalty fees. There is also a redraw facility available if you need to access your extra repayments.A linked offset facility is available and you can make repayments on a weekly, fortnightly or monthly basis. A competitive interest rate is available for homeowners who are buying a new home with a high energy rating or other environmentally-friendly features.

Low Doc home loan

Low Doc home loans are available to those who are self-employed and have found it hard to get a normal home loan. Basically, these loans are no different from fixed or variable rate loans but they have some alternative requirements you need to satisfy before applying. This includes providing an affordability declaration statement which shows evidence of your current income, a valid Australian Business Number which shows that you have been in self-employment for at least two years, and 12 months of Business Activity Statements. Note that these loans are not a manufactured product offered by People's Choice Credit Union directly, but rather through a panel of lenders.

Line of Credit home loan

Line of Credit loans is designed to make banking easy by putting all of your funds in one account, so you can use your savings to pay off your loan sooner. You can deposit your salary directly into your account, while this loan also features Visa credit and debit cards to help you manage your purchases.

Home Loan Package

This offering combines all of your People’s Choice banking products in one package. This lets you receive rate and fee discounts on your home loan and on a wide range of products and services, with one annual fee. You can also bundle up to five loans in the one package. Free redraw is available, as are free loan reviews to make sure your loan is still the best fit for you as you move through the different life stages.

Construction home loan

People’s Choice’s Construction Loan offers flexibility to help you keep control of your finances while you build your new home. Features include the choice of a variable or fixed rate, fast approval, and the ability to only pay interest on the portion of the loan you have withdrawn.

Pros and cons of People’s Choice Credit Union home loans

Pros

Flexibility. Both the Fixed and Variable Home Loans have a lot of flexibility built in, such as options for interest-only loans, additional repayments, different repayment schedules and split loans.

Low Doc option. The Low Doc Loan is a good option for self-employed customers, especially if they have found it difficult to get a home loan elsewhere.

Cons

Lack of branches in New South Wales and Queensland. People's Choice at the time of writing has no branches in NSW or QLD, making face-to-face banking difficult if you're a resident of these states.

How to apply for a People’s Choice Credit Union home loan

To apply for a home loan from the People’s Choice Credit Union, please get into contact with People's Choice either by calling them, visiting their website or visiting a branch.

Documents needed to apply for a People’s Choice Credit Union home loan

Personal information

People’s Choice will require you to provide some personal information that can help to prove your identity. This documentation is required by law and must be provided before your home loan can be finalised.

Tax File Number. People’s Choice Credit Union will need to have your Tax File Number (TFN) on hand to include on the loan paperwork.

Proof of Identification. You will be required to give the bank the proper identification to meet the 100-point threshold in order to have your loan processed.

Property information

You will also need to provide several pieces of documentation related to the purchase of your home. Each home loan may require different documentation, so be sure to talk with your agent to see what your specific requirements are. However, here is a list of the most common property documentation required:

Property valuation. When you obtain a loan from People’s Choice, the lender will want a proper assessment done on the property to determine its true value. This will ensure that the loan you are obtaining is equal to the value of the home being purchased.

Proof of title for property. People’s Choice will need to obtain a copy of the title for the property being purchased. This will guarantee that the party selling you the property is the actual owner of the property and has the rights to sell it.

Property sales contract. Before closing on your loan, the credit union will need to have a copy of the sales contract for the property. This will provide all the details about the sale of the property.

Financial information

You will need to provide financial information in order to be approved for a loan, including:

Proof of earnings. You must provide documentation that can prove your annual earnings. If you earn a wage, copies of your payslips should be adequate. If you are self-employed, however, you may need to submit copies of your tax returns.

Documentation for outstanding debt. If you have any outstanding debt that you listed on your home loan application, you will need to provide People’s Choice with a copy of the latest statement for those accounts.

Proof of assets. People’s Choice will need documents that can prove the value of any additional assets or income that you disclosed on your initial home loan application.

People’s Choice Credit Union offers a number of home loan options, but make sure to seek expert advice and compare your options to make sure you find the best loan available for your needs.

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